March 5, 2026. Leads & Copy — Monumental Energy Corp. has announced successful initial production results from the Ngaere-1 well, in partnership with New Zealand Energy Corp. and L&M Energy Ltd.
The Ngaere-1 well was successfully perforated into a previously untested “bypass pay zone” less than two weeks ago under the recently executed funding and gainshare agreement between the Partnership.
Following perforation, the well immediately flowed oil and gas, producing 580 barrels of crude oil within the first six hours of operation. Production was temporarily shut-in to allow additional tanker capacity to arrive on site to transport the crude for delivery to port and subsequent refining.
Since recommencing operations, the Ngaere-1 workover well has produced approximately 3,000 barrels of crude oil to date, currently stabilizing at approximately 120 barrels of oil per day, without the benefit of additional stimulation and optimization activities which are planned for a future date.
Brent crude oil prices are currently above US$85 per barrel, with New Zealand crude typically achieving only a modest discount to Brent pricing. Operating costs in New Zealand are primarily denominated in New Zealand dollars (currently approximately US$1 = NZ$1.68).
Although the Ngaere-1 well was originally drilled more than 30 years ago, the upper zone that is now producing was not previously evaluated, resulting in limited historical log data for this interval. Despite this uncertainty, the well flowed oil and gas immediately upon perforation, and initial production revenues have already recovered the workover costs within the first weeks of operation.
The next phase of work will focus on continued production and reservoir evaluation while preparing for a recompletion program designed to increase drawdown on the reservoir, which is expected to further enhance production rates and ultimate recoverable reserves.
The Partnership considers the initial results highly encouraging given the historical log uncertainty and believes they demonstrate the potential for similar opportunities across the field.
Following the strong initial results from the cost-effective perforation of the Mount Messenger Formation at the Ngaere-1 well, the Partnership has agreed to immediately advance similar perforation operations at the Waihapa H1 and Ngaere-2 wells.
These perforations are expected to take place as soon as operational logistics permit and will target the same formation that has demonstrated encouraging early production at Ngaere-1.
The Company’s management believes these additional perforations represent a low-cost, high-impact opportunity to unlock previously bypassed hydrocarbon zones within existing wells. Success at these locations could further validate the broader potential of the Mount Messenger Formation across the permit area and provide additional near-term production growth.
Monumental has also led and co-funded an application to extend the Ngaere permit area by approximately 4050 acres, funding 50% of the application costs.
The proposed extension area lies between the Cheal oil field and the Ngaere wells currently under evaluation within the Ngaere field. Seismic data indicates the potential for additional hydrocarbon accumulations within this corridor, particularly at shallower depths similar to those currently being evaluated. The application has been posted on the New Zealand regulator’s website and is currently under review.
In addition, Monumental is actively pursuing further onshore permit applications within the Taranaki Basin with the objective of establishing a longer-term position focused primarily on natural gas development. Two additional permit areas are currently under submission with the regulator.
The Company believes that onshore Taranaki represents the most promising region in New Zealand capable of addressing the country’s growing natural gas supply shortage. Monumental is therefore actively pursuing opportunities in this region with the goal of supporting both near-term gas supply and longer-term energy development.
On January 12, 2026, the Government of New Zealand announced the opening of its Energy Development Fund, which is designed to support new natural gas exploration and development projects within the country.
Monumental Energy is currently evaluating several opportunities within its portfolio that its technical team believes may qualify for funding under this program. The Company believes that participation in this initiative could help accelerate the development of domestic gas resources and support New Zealand’s efforts to address growing energy supply constraints.
Monumental Energy Corp. is an exploration company focused on the acquisition, exploration, and development of properties in the critical and clean energy sectors. The Company is building a strategic position in New Zealand’s onshore Taranaki Basin, targeting near-term oil production and longer-term natural gas development.
The Company has partnered with New Zealand Energy Corp. on production optimization and workover opportunities across existing fields. The Company also holds securities of NZEC and a call option and royalty interest related to the Copper Moki wells.
Monumental additionally maintains exposure to the critical minerals sector through a 2% net smelter return royalty on Summit Nanotech’s interest in the Salar de Turi lithium project in Chile.
Source: Monumental Energy Corp.
